Burberry shares tumble after saying CEO Marco Gobbetti will leave for Ferragamo

Shares of the London-listed luxury fashion house Burberry tumbled Monday after it announced CEO Marco Gobbetti will depart at the end of the year to lead Italian rival Salvatore Ferragamo.

Burberry stock traded as much as 8 percent lower Monday morning on the news, while shares of Ferragamo were little changed. Gobbetti previously led European luxury brands including Céline and Givenchy before taking the reins at Burberry in 2017.